I have been ingnoring the my time machine for some months. The other night I kick started it to see where we were. To my surprise, I discovered that my two small cap value stocks, that have been in business for many decades, are now in the range that they traded in at the bottom in 1974. When the big cap stocks reach similar valuation, we will have reached the promised land.
6% to 10% yields. Stocks selling at 1/3 to 1/2 of book value even when they have no intangible assets. Stocks selling at less than net working capital per share. Ben Graham lives, but there aren't many Intelligent Investors. A year ago I would have said that we would never get back to this kind of pricing in my lifetime and I would have been wrong.